Grindrod Bank (GRDB) is a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...

. It is licensed as a "locally-controlled financial institution" by the

South African Reserve Bank The South African Reserve Bank (SARB) is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920", as a direct result of the abnormal monetary and financial condi ...

, the national banking regulator.

Overview

GRDB is a large financial services provider in

, based on assets. It currently employs ninety six(96) people as of 2011. The bank's total asset base was in excess of US$550 million (ZAR:3.7 billion), with shareholders' equity in excess of US$37 million (ZAR:250 million).

History

The bank was established in 1994 as a subsidiary of

Grindrod Limited Grindrod may refer to: * Grindrod (surname), including a list of people with the name * Grindrod, British Columbia * Grindrod Bank (GRDB), a commercial bank in South Africa * Grindrod Locomotives, a South African railway locomotive manufacturer ...

. The bank maintains headquarters in

Durban Durban ( ; , from meaning "bay, lagoon") is the third-most populous city in South Africa, after Johannesburg and Cape Town, and the largest city in the Provinces of South Africa, province of KwaZulu-Natal. Situated on the east coast of South ...

, with offices in

Johannesburg Johannesburg ( , , ; Zulu language, Zulu and Xhosa language, Xhosa: eGoli ) (colloquially known as Jozi, Joburg, Jo'burg or "The City of Gold") is the most populous city in South Africa. With 5,538,596 people in the City of Johannesburg alon ...

Pretoria Pretoria ( ; ) is the Capital of South Africa, administrative capital of South Africa, serving as the seat of the Executive (government), executive branch of government, and as the host to all foreign embassies to the country. Pretoria strad ...

and

Cape Town Cape Town is the legislature, legislative capital city, capital of South Africa. It is the country's oldest city and the seat of the Parliament of South Africa. Cape Town is the country's List of municipalities in South Africa, second-largest ...

. In 2006, it acquired 100% of the assets of Marriott Merchant Bank. Grindrod Bank focuses on meeting the needs of high-net-worth individuals, large corporations and institutions.

Ownership

As of January 2020, Grindrod Bank is 100% owned by Grindrod Financial Holdings. Grindrod Financial Holdings is 96.83% held by Grindrod Limited. Grindrod Limited is the holding company of a dynamic organisation listed on the

Johannesburg Stock Exchange JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange) is the largest stock exchange in Africa. It is located in Sandton, Johannesburg, South Africa, after it moved from downtown Johannesburg in 2000. In 2003 ...

, under the symbol: GND. The two business divisions are namely, Freight Services and Financial Services. With more than 100 years experience in South Africa's

logistics Logistics is the part of supply chain management that deals with the efficient forward and reverse flow of goods, services, and related information from the point of origin to the Consumption (economics), point of consumption according to the ...

transportation Transport (in British English) or transportation (in American English) is the intentional Motion, movement of humans, animals, and cargo, goods from one location to another. Mode of transport, Modes of transport include aviation, air, land tr ...

, freight movement and related industries.

Branch network

, Grindrod Bank maintains a branch network in the cities of

and

at the following locations: # Durban Head Office & Branch - 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park,

# Johannesburg Branch - 4th Floor, Grindrod Tower, 8a Protea Place,

Sandton Sandton is a financial, commercial and residential area, located in the northern part of the City of Johannesburg Metropolitan Municipality. Formerly an independent municipality, Sandton's name came from the combination of two of its suburbs, Sa ...

# Pretoria Branch - 1st Floor, Building 21, Oxford Office Park, 3 Bauhinia Street, Centurion,

# Cape Town Branch - 3rd floor, The Terraces, 25 Protea Road,

Claremont, Cape Town Claremont is a suburb of Cape Town, South Africa, situated in the Southern Suburbs, Cape Town, Southern Suburbs region of the city. It is a mixed-use area, with both residential properties and economically-important commerce, commercial sections. ...

Acquisition by African Bank

In May 2022, South African media reported that African Bank had offered ZAR:1.5 billion (approx. USD:97 million) to acquire Grindrod Bank and its holding company ''Grindrod Financial Holdings.'' The deal requires both shareholder and regulatory approvals.

External links

Website of Grindrod Bank

Website of Reserve Bank of South Africa

References

{{Banks of South Africa Banks of South Africa Companies based in Durban Banks established in 1994 1994 establishments in South Africa